CommBank HSI latest results

  • You can view the latest CommBank HSI report on our research portal

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Why use CommBank’s Household Spending Insights (HSI)? 

  • Many consumer sentiment surveys capture what people say they will do, but this can be different from what they actually do. The CommBank HSI is based on real behaviour and transactions, leveraging approximately 7 million retail customers to understand consumer spending patterns and behaviours.

    As a result, the HSI provides unique, timely insights into how the Australian economy is performing based on one of Australia’s largest consumer transactions data sets. The CommBank HSI Index is released each month, ahead of the official Australian Bureau of Statistics quarterly reporting on retail trade.

The difference

  • Household or consumer spending is the largest component (around 50%) of the Australian economy and central to understanding how it is performing, as well as planning for the future. This is why businesses, governments and major policy setting institutions like the Reserve Bank of Australia closely follow measures of consumer and household spending.


  • See the HSI flyer for more information.

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Things you should know

Global Economic & Markets Research (GEMR) has prepared this report. GEMR is a business unit of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (Bank). References to the “Group” are to the Bank and its subsidiaries (including Commonwealth Securities Limited ABN 60 067 254 300 AFSL 238814, Commonwealth Australia Securities LLC and CBA Europe Ltd) and includes the directors, employees and representatives of the Bank and its subsidiaries.

This report is not investment research and nor does it purport to make any recommendations. Rather, this report is for informational purposes only and is not to be relied upon for any investment purposes.

This report has been prepared without taking into account your objectives, financial situation (including your capacity to bear loss), knowledge, experience or needs. This report is not to be construed as an act of solicitation, or an offer, to buy or sell any financial products, or as a recommendation and/or investment advice. You should not act on the information contained in this report. To the extent that  you choose to make any investment decision after having read this report you should not rely on it but consider its appropriateness and suitability to your own objectives, financial situation and needs, and, if appropriate, seek professional or independent financial advice, including tax and legal advice.

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The information provided in this report may also include information that is indicative of what the expected outcomes might be, based on assumed facts that are contemplated in this report, and should not be relied upon. Any reliance on this information is at your own risk.

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This report may contain statements that are not purely historical in nature, but are ‘forward-looking statements’. Such statements are, or will be, based upon certain assumptions. Actual events are difficult to predict and are beyond the control of the Bank. There can be no assurance that any estimated returns or projections can be realised. Past performance is not a reliable indicator of future performance.

Any valuations, projections and forecasts contained in this report are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. The inclusion of any such valuations, projections and forecasts in this report should not be regarded as a representation or warranty by or on behalf of the Group or any person or entity within the Group that such valuations, projections and forecasts or their underlying assumptions and estimates will be met or realised.

The Group does not accept any liability for any loss or damage arising out of any error or omission in or from the information provided, or arising out of the use of all or any part of this report. 

The data used in the ‘Commonwealth Bank Household Spending Intentions’ series is a combination of CBA Data and publically available Australian Bureau of Statistics (ABS), CoreLogic and Reserve Bank of Australia data.

Any reference made to the term ‘CBA data’ means the proprietary data of the Bank that is sourced from the Bank’s internal systems and may include, but is not limited to, home loan data, credit card transaction data, merchant facility transaction data and applications for credit. The Bank takes reasonable steps to ensure that its proprietary data is accurate as at the time of compilation of this report.

Any CBA Data used in this report is provided by the Commbank iQ (CBA iQ)  team. The GEMR team have commissioned the CBAiQ team to provide them with data  that may directly or indirectly relate to the themes that have been selected for coverage by the Chief Economist of GEMR. The CBAiQ team involved in the preparation of this data are subject to the same personal conflict requirements and trading restrictions as the GEMR team.

If applicable, any statistical data included in this report only takes into account CBA, ABS, CoreLogic and RBA data. The Bank makes no representation or warranty as to the completeness of the data, as it may not reflect all trends in the market. Any reliance on this information is at your own risk.

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i.   Made his/her own independent decision to enter into the transaction;

ii.   Determined that the transaction is appropriate;

iii.  Ensured he/she has the knowledge to evaluate and capacity to accept the terms, conditions and risks; and 

iv.  Is not relying on any communication (including this report) from the Bank as advice. 

Each GEMR Analyst primarily responsible for the content of this report, in whole or in part, confirms that with respect to each security or issuer that the GEMR Analyst covered in this report:

i.   All of the views expressed accurately reflect his/her personal views about those securities or issuers; and

ii.   No part of his/her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that GEMR Analyst in the report.

Each GEMR Analyst responsible for the preparation of this report may interact with the Bank’s trading desk personnel, sales personnel and other constituents for the purpose of gathering, synthesizing, and interpreting market information to form an independent view. Each GEMR Analyst responsible for the preparation of this report may not hold, or trade in, securities that are the subject of this report or where they have offered a recommendation. Each GEMR Analyst must disclose, and receive approval, for all outside business interests from Compliance and the Head of GEMR prior to commencing the activity or within a week of joining the Group. The compensation of each GEMR Analyst involved in the preparation of this report is determined exclusively by GEMR management and senior Global Markets management (not including investment banking). 

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